Takoma Place Apartments
Constructed in 1953, the Takoma Place Apartments are adjacent to the Walter Reed Army Hospital Campus along a gentrifying corridor in the Nations Capital. On 2017, NHPF worked with the Takoma Place Apartments Tenants Association to acquire the property using the District of Columbias Tenant Opportunity to Purchase Act (TOPA). Takoma Place consists of seven, four-story apartment buildings. Its garden-style complex is located across the street from the former Walter Reed Medical Center, which is being redeveloped into a 3.1 million square foot mixed use campus.
NHPF and the Tenants Association are partnering to undertake a $31.7 million rehabilitation of the property using low income housing tax credits as well as subsidies provided by DC Government.
Takoma Place is comprised of 104 residential units. All Takoma Place households receive rental subsidies through a project-based Housing Assistance Payment contract with HUD.
The purchase price for the Takoma Place Apartments was $16,550,000. Secured financing and funding for this project included:
|$ 8,500,000||Citi Community Capital|
|$ 550,000||Seller Note|
NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.
This property is just one example of how NHPF’s commitment to affordable housing has helped American families.
ABOUT THE NHP FOUNDATION
Founded in 1989, The NHP Foundation strives to provide quality affordable multi-family housing and resident services for low to moderate income families. Since 1994, NHPF has acquired and preserved 95 properties, totaling 16,495 units, located in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 56 properties, totaling 10,000 apartment units, in 15 states and the District of Columbia. NHPF also provides service programs to approximately 28,000 community residents.